AMCON exploring other legal options in recouping N5trn debt

The Asset Management Corporation of Nigeria (AMCON) is exploring other legal options as part of its recovery strategy to recoup N5 trillion owed by multiple corporations in the country, after negotiations do recoup failed.

“Negotiations have failed us, given our sun set date. It is also clear to us that we cannot go very far without the strong support of the judiciary. My Lords would have noticed that the volume of AMCON cases have grown since June/July 2018,” Ahmed Lawan Kuru, AMCON Managing Director said at the weekend.

“As part of our renewed strategy for recovery, AMCON is focusing more on enforcement. It has become clear to us that in order to attain the target as we approach sunset of 2024, we must redouble our efforts in the area of recovery. The AMCON Act anticipated a situation where we may need to enforce if negotiations fail.

“Negotiations have failed us, given our sun set date. It is also clear to us that we cannot go very far without the strong support of the judiciary. My Lords would have noticed that the volume of AMCON cases have grown since June/July 2018.”

“At this stage of AMCON’s recovery efforts, given its experience with the traditional litigation system, Kuru said it has become imperative to consider other dispute resolution mechanisms, giving the slow pace of litigation, obligors’ propensity to hide under technicalities, and AMCON’s sunset timeline,” Kuru said.